Claims to be the first major insurer in the London Market to trade on IFEX.
Brit Insurance Holdings has commenced trading in insurance-linked derivatives on the Insurance Futures Exchange Services platform (IFEX). Brit Insurance claims to be the first major insurer in the London Market to trade on IFEX.
Dane Douetil, chief executive of Brit Insurance Holdings said: "This move has enhanced our ability to manage our clients’ risk and shareholders’ capital effectively. The increasing liquidity in this market is encouraging and the trading of event-linked futures provides additional flexibility in our portfolio management.”
Brit Insurance has begun trading in IFEX event-linked futures (ELFs), which are exchange traded futures contracts. They are modelled on industry loss warranty reinsurance contracts and are triggered by pre-determined losses to the insurance industry in excess of specified amounts.
Brit Insurance previously introduced a number of other innovations into its capital management strategy, including an investment in Norton Re II, a Bermuda regulated standalone insurance company writing catastrophe retrocessional business, and a three year catastrophe swap contract with Fremantle.
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